Renault Samsung’s diesel-powered QM6 offers quiet, eco-friendly driving

Renault Samsung Motors’ sports utility vehicle QM6 is becoming a popular choice for drivers, being offered in three different fuel types -- gasoline, diesel and liquefied petroleum gas -- Renault Samsung said on Thursday. Originally born to serve in battlefields, SUVs were loud and prone to vibration with their larger bodies and wheels, and often diesel-centered. The South Korean unit of the French automaker Renault was one of the fast movers to prepare for the exit of diesel cars, the

MobilityJuly 1, 2021

Korean Air to bid for military aircraft development project

Korean Air said on Thursday its aerospace division plans to bid to be the main contractor on South Korea’s new spy plane development project. The move comes as the country’s Defense Acquisition Program Administration has decided to launch a second project to replace four older Baekdu reconnaissance aircrafts with the newly configured Baekdu aircraft. The project, set to run from 2022 to 2026, is expected to cost around 870 billion won ($768.1 million). The Baekdu aircraft is a key

MobilityJuly 1, 2021

Samsung Heavy builds world‘s first fuel cell-powered LNG carrier

South Korea’s leading shipbuilder Samsung Heavy Industries on Thursday claimed to have built the world’s first solid oxide fuel cell-powered LNG carrier. It will now begin work on commercializing the ship, the firm said. The company also said it has received an approval in principle from Norwegian and German classification society DNV for the design of the SOFC-powered ship, which has been developed in collaboration with Bloom Energy. An approval in principle, also known as AIP, i

MobilityJuly 1, 2021

LG U+ upbeat about Disney partnership on content streaming

The chief of LG U+, the smallest of the three major mobile carriers in South Korea, on Wednesday expressed confidence that Disney would choose it as the local partner for its Disney+ streaming service launch, slated for September. “Disney puts its top priority on customer convenience and requires very high standards in terms of quality of content service,” said CEO Hwang Hyeon-sik, during his first press conference since taking office seven months ago. His remarks were embargoed un

TechnologyJuly 1, 2021

SK Innovation makes battery biz split-off official, Nasdaq IPO on the table

SK Innovation on Thursday officially announced the split-off of its battery business, with plans to list the fast-growing business on the US stock market. During a briefing session held at Conrad Seoul in Yeouido, western Seoul, SKI President and CEO Kim Jun said that the company is mulling an initial public offering of the envisioned battery-focused firm on Nasdaq, or both on Nasdaq and South Korea’s main bourse Kospi. “The exact timing of the split-off and IPO hasn’t bee

IndustryJuly 1, 2021

JB Financial sets ESG goals for sustainable growth

JB Financial Group on Thursday laid out mid-and long-term strategies to step up its sustainable business management focused on environmental, social and corporate governance values. In a statement, the holding group of Jeonbuk Bank and Kwangju Bank introduced its ESG goals under a new company vision titled “Marching toward a better future with JB Financial.”  The company will strive toward adopting a swift response to climate-related risks, achieving carbon neutrality, ethic

MarketJuly 1, 2021

Hanwha sells partial stake in US-based Nikola

Hanwha General Chemical and Hanwha Energy have sold a 0.74 percent stake in US electric truck maker Nikola Corp. as part of efforts to secure funds for new eco-friendly projects, including hydrogen, a filing showed Thursday. Green Nikola Holdings, Hanwha’s US subsidiary, offloaded 2.9 million shares from its previously owned 22.13 million shares, according to its US Securities and Exchange Commission filing published Wednesday there. Following the transaction, its equity holding in Nikol

MarketJuly 1, 2021

[Herald Interview] K-water in charge of CO2-free energy for manufacturers

DAEJEON -- South Korea is making full-fledged efforts to be practically cooperative in the global community’s concerted effort to tackle climate change by developing renewable energy and reducing greenhouse gases. A core joint effort by the global community is the “RE100” club, whose member companies have pledged to use 100 percent renewable energy without resorting to fossil fuels. In South Korea, the Korea Water Resources Corp. -- also known as K-water -- is the first

IndustryJuly 1, 2021

Eximbank to extend massive ESG lending by 2030

The state-run Export-Import Bank of Korea (Eximbank) said Thursday it will provide 180 trillion won (US$159 billion) worth of loans related to environmental, social and governance (ESG) by 2030. The state lender made the pledge while announcing its ESG management road map to mark the 45th anniversary of its foundation at its headquarters in Seoul. The road map also includes the issuance of ESG bonds worth $20 billion by that year to extend loans to the ESG sector, Eximbank said. ESG bonds ref

EconomyJuly 1, 2021

S. Korea's 5G users near 16m in May

South Korean mobile users on 5G networks reached nearly 16 million in May, data showed Thursday, as telecom operators seek to expand applications of the next generation networks. As of the end of May, 5G subscriptions stood at 15.84 million, accounting for 22 percent of the total 71.45 million mobile subscriptions in the country, according to the data from the Ministry of Science and ICT. South Korea has a population of around 51 million. Top mobile carrier SK Telecom Co. had the most 5G subsc

TechnologyJuly 1, 2021

SK invests W140b in Japanese eco-friendly material maker

SK Inc., the holding firm of South Korean conglomerate SK Group, said Thursday it has struck a 140 billion-won ($123.5 million) deal to buy a 10 percent stake in TBM, a Japanese maker of eco-friendly materials. SK's Japanese investment arm made the investment in the Tokyo-based startup known for LIMEX, a recyclable material derived from limestone and used in products from bags to business cards. In May, SK and three other chemical subsidiaries invested 408 billion won to establish the Japanese

IndustryJuly 1, 2021

Summer electricity demand to perk up amid economic recovery

Energy demand here is expected to rise over the summer in sync with the recovery of industrial activities and hotter-than-usual weather conditions, the industry ministry said Thursday. The country's maximum electricity demand is estimated to range from 90.9 to 94.4 gigawatts (GW) during the peak of this summer, according to the Ministry of Trade, Industry and Energy. The ceiling is based on the assumption that the average temperature hits 30.2 C during the peak. The estimated peak summer ene

EconomyJuly 1, 2021

Online lender K-Bank enjoys robust growth in Q2

K-Bank, South Korea's first internet-only bank, said Thursday its customers and deposits grew sharply in the second quarter of the year amid the coronavirus outbreak. The number of customers stood at 6.19 million as of the end of June, 2.28 million more than three months earlier, the lender said, which is led by telecom giant KT Corp. The online lender's outstanding loans totaled 5.09 trillion won ($4.5 billion), up 1.29 trillion won from the first quarter, which marks the largest quarterly in

EconomyJuly 1, 2021

S. Korea proposes W33tr extra budget to fund another COVID-19 relief aid

South Korea proposed an extra budget of 33 trillion won ($29.2 billion) Thursday to fund another round of COVID-19 relief aid packages for people in the bottom 80 percent income bracket and smaller merchants hit by the pandemic. This year's second extra budget will be used to finance the 36 trillion-won virus relief packages, the fifth of its kind, designed to support the self-employed and vulnerable people hit hard by the COVID-19 pandemic, according to the Ministry of Economy and Finance. Th

EconomyJuly 1, 2021

S. Korea to expand tax incentives, lift more regulations for chip biz

South Korea said Thursday it plans to offer more tax incentives and lift more regulations for chipmakers in line with its vision to become a global powerhouse in both memory and non-memory chips. The country is seeking to have major research and development (R&D) projects and facility investment in the chip sector receive incentives through a law revision, according to the Ministry of Trade, Industry and Energy. The proposed bill on expanded tax incentives and eased regulations, a follow-u

IndustryJuly 1, 2021

S. Korea's exports to hit record high in 2021: KOTRA

South Korea's exports are expected to reach a record high in 2021, a report said Thursday, on the back of the global economic recovery and stronger demand for semiconductor products. Outbound shipments are expected to reach up to $610 billion this year, up 19 percent from 2020, according to the Korea Trade-Investment Promotion Agency (KOTRA). The country's exports dropped 5.5 percent on-year in 2020 to $512 billion amid the COVID-19 pandemic. KOTRA attributed the rosy outlook to strong overs

EconomyJuly 1, 2021

LG Uplus aims to expand non-telecom biz: CEO

LG Uplus Corp., one of three mobile carriers in South Korea, is aiming to boost its profile by expanding media and business-focused services beyond its established focus in telecommunications, its chief has said. Hwang Hyeon-sik, CEO of LG Uplus, said in a press conference Wednesday that he aims to raise the company's share of sales from non-telecom services to 30 percent of the total by 2025 from the current 20 percent. "The future B2B market will transition from a focus on infrastructur

TechnologyJuly 1, 2021

Samsung's Galaxy S21 Ultra wins best smartphone award at MWC 2021

Samsung Electronics Co. said Thursday its latest flagship smartphone, the Galaxy S21 Ultra 5G, has won the best smartphone award at the world's largest mobile telecommunications expo. The high-end model of the Galaxy S21 series was honored at the Global Mobile Awards at Mobile World Congress 2021 in Barcelona on Wednesday (local time), the South Korean tech giant said. The Galaxy S21 Ultra 5G, which was launched in January, competed for the award with the Galaxy S20 FE 5G, Apple iPhone 12 Pr

TechnologyJuly 1, 2021

Seoul stocks open lower on virus worries

South Korean stocks opened lower Thursday as concerns of new coronavirus variants weakened investors' appetite for risky assets. The benchmark Korea Composite Stock Price Index (KOSPI) fell 6.61 points, or 0.2 percent, to trade at 3,290.07 points as of 9:15 a.m. Stocks got off to a lackluster start after South Korean authorities pushed back the easing of the social distancing measures in the greater Seoul area for a week, citing risks from the highly contagious delta strain of COVID-19. Mar

MarketJuly 1, 2021

Mega R&D projects eyed to foster rechargeable battery sector: minister

South Korea's top economic policymaker said Thursday the country will push for large-scale research and development (R&D) projects to foster the next-generation rechargeable battery industry. Finance Minister Hong Nam-ki said the government will soon unveil the detailed plan to nurture the rechargeable battery sector with the goal of the country taking the lead in the segment. The government plans to help companies secure the stable supply chains of materials for such batteries and to fost

EconomyJuly 1, 2021